Commodities
Global Weakness Sends Crude Oil Prices Down
Crude oil futures fell by Rs 120 to Rs 7,837 per barrel on Tuesday due to weak global trends and demand.
The decline was seen in both WTI and Brent crude, which also saw a drop. West Texas Intermediate crude was trading 1.19% lower at USD 81.63 per barrel, while Brent crude declined 1.27% to USD 87.24 per barrel in New York.
Analysts attributed the price fall to participants offloading their holdings amid weak demand in the spot market on the Multi Commodity Exchange (MCX).
Crude oil futures for August delivery slipped by Rs 120, or 1.51%, to Rs 7,837 per barrel in a business turnover of 4,507 lots.